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Hunter Biden’s CEFC Scam

The Biden family was involved in two major Chinese deals:

• a carried stake in Bohai Harvest Partners Investment Fund. Their interest in this deal began
in 2013. Hunter Biden, Devon Archer and James Bulger each had 10% interests. This fund is
still active. Bobulinski was not involved in this deal.
• a second deal initiated in 2017 in which the Bidens received $5 million from Chinese energy
company CEFC and/or its officers. CEFC had, in a short period, become a huge company and,
even more quickly, disintegrated. This second deal was the one involving Patrick Ho, who
was arrested in Nov 2017 in US for corruption, Gongwen Dong and its chairman Ye Jianming,
who was arrested in China and/or disappeared in March 2018.
Nearly all of the interesting texts and emails from 2017 and Bobulinski’s information are limited to
this second deal. These were only a small fraction of sleazy transactions by Hunter Biden, Devon
Archer and associates. Concurrent with this affair were transactions in Ukraine, Kazakhstan, Russia
as well as participation in major frauds by John Galanis and Jason Sugarman in which Archer (but not
so far, Hunter Biden) have been convicted.
The texts and emails have been released in a piecemeal and disorganized way. In this article, I’ll
attempt to re-assemble a narrative of events for the CEFC affair.

March 2017
On March 29, 2017, CEFC announced1 the acquisition of a 19.9% stake in the New York-based
brokerage Cowen Group Inc. for $100 million. At the time, chairman Ye boasted to Caixin that “This
purchase is second only to Morgan Stanley.” This acquisition ran into problems with CFIUS review in
September2 and ultimately fell apart,

April 2017
Documents on CEFC affair released thus far raise the curtain in April 2017, although it began earlier,
perhaps much earlier.
According to a 2018 New York Times article,3 by 2015, during the Obama-Biden administration, CEFC
Chairman Ye Jianming “had begun working on perhaps his most politically connected quarry yet: the
family of Mr. Biden, the vice president” already. The article also stated that “an aide to Mr. Ye
[presumably Director Zang] met the vice president’s second son,
Hunter Biden, in Washington”, but did not give the date of this meeting.
The earliest document thus far is a proposed business plan for
Sinohawk, dated April 10, 2017. It was included as an attachment in
an August 3 email from Bobulinski to CEFC.4 It proposed a Board
consisting of Hunter Biden and Tony Bobulinski, with James Biden,
James Gilliar and Rob Walker (a Biden retainer) as Advisors.
Its Phase 1 countries, countries in which “prestige has been
established, there is an entry to market and an established deal flow”
were Poland, United States and Russia. Phase 2 countries were
Colombia, France, Luxembourg (banking), Oman and Romania.
They stated:

For each level of development outlined above, we have laid the groundwork for rapid market entry by
having spent a significant amount of time and resources in creating the deal flow and the necessary in-
country connections necessary to ensure CEFC China has success from the start. We have forged
alliances with the highest levels of government, banking and enterprise.
The genesis of the Sinohawk proposal is thus far unclear. Interviews with Bobulinski thus far haven’t
touched on this issue. Gilliar appears to have consulted for CEFC in prior acquisitions. It is not
presently known how Gilliar got connected with either the Bidens or Bobulinski. Nor do Bobulinski
and Hunter ever appear to have had a common understanding of the purpose of the proposed
In an email on August 2, as problems later developed, Hunter Biden stated that his understanding of
the proposed deal (as it appears to have been understood in April) was a lucrative three-year
consulting contract for Sinohawk:
My Understanding is that the original agreement with the Director was for consulting fees based on
introductions alone a rate of $10M per year for a three year guarantee total of $30M.
In the incorporation agreement for Sinohawk signed on May 23-24, it was set up as a LLC held 50%
by a CEFC vehicle (Hudson West IV) and Oneida Holdings LLC, a newly incorporated entity held 40%
by the Bidens, 40% by Bobulinski and Gilliar and 20% by Rob Walker, a Biden retainer. It was
supposed to have $10 million in capital, with CEFC providing Oneida’s share as an interest-free loan.
This does not closely track Hunter’s later characterization of the deal, which may not be accurate.
Thus far, Bobulinski has not been directly asked about his understanding of the deal at this time.
In the first half of May, Hunter met CEFC chairman Ye in Miami and, after that meeting, appears to
have had a different understanding of the transaction than Bobulinski and the others, while also not
being candid with his associates on his discussions with Ye.

April 26 texts
The first relevant texts5 thus far available are on April 26 between Bobulinski and Hunter, asking
about the projects of interest to CEFC:
[Bobulinski?] Also is the chairman just doing infrastructure and RE or looking @ technology
Hunter: Everything - the only thing I told them I would not do is defense related technology
and arms and anything that would give the Chinese a
military advantage.
Hunter’s texts with Bobulinski are not the only activity thus
far attested on April 26. Hunter also received an offer from a
porn site of 50% off on Gold Membership.

May 2-3, Los Angeles

Joe Biden traveled to Los Angeles to give a keynote speech at
the Milken Conference on May 3. Texts from May 2 describe
coordination of a meeting with Joe on the preceding evening:6
11:35AM. [Bobulinski to] Hunter Biden - DC (Mobile).
Mrng plse let me know if we will do early dinner with your
Uncle & dad and where, also for document translation, do
you want it in simple Chinese or traditional?
11:56 AM. Hunter. Not sure on dinner yet and whatever is the most common for a Chinese legal DOC

[~12:00 PM] [Bobulinski] Chinese legal docs can be both, I’ll…
3:56PM. Dad not in now until 11-lets me I [sic] and Jim meet at 10 at Beverly Hilton where he’s
In his recent interviews and statements, Bobulinski said that he met the Bidens in a hotel bar (behind
a column for privacy) where he was “introduced to Joe Biden by Jim Biden and Hunter Biden. At my
approximately hourlong meeting with Joe that night, we discussed the Biden’s history and the Biden
family’s business plans with the Chinese, with which he was plainly familiar, at least a high level.”
After the May 2 evening meeting, Bobulinski sent a text to Jim Biden acknowledging the meeting
with Joe Biden:
23:40. Bobulinski to Jim Biden. Great to meet u and spend some time together, please thank Joe for
his time. was great to talk thx Tony b
May 3 7:27 AM. [Bobulinski to] Jim Biden, Morning, please let me know all set for things this
mrng, | don't have credentials to get into Milken so just want to make sure not an issue to get me in,
where should we meet this mrng?
The next morning. Joe made a publicly attested keynote speech at the Milken conference.

~May 10, Miami

Subsequent to the Los Angeles meeting on May 2-3 but before text exchanges on May 18, Hunter
met with chairman Ye in Miami.7 It was at this meeting that Ye gave Hunter a very valuable
diamond, a gift that later attracted considerable publicity.8
Thus far, there is little contemporary documentation of this meeting. In the Aug 2, 2017 email to
Chairman Ye mentioned above, Hunter stated that Ye changed the earlier deal to a “MUCH MORE
LASTING AND LUCRATIVE ARRANGEMENT” in which the Bidens would have a 50% carried interest in
a large-scale holding company:
My Understanding is that the original agreement with the Director was for consulting fees based on
introductions alone a rate of $10M per year for a three year guarantee total of $30M. The chairman
changed that deal after we met in MIAMI TO A MUCH MORE LASTING AND LUCRATIVE
ARRANGEMENT to create a holding company 50% percent owned by ME and 50% owned by him.
Consulting fees is one piece of our income stream but the reason this proposal by the chairman was so
much more interesting to me and my family is that we would also be partners inn the equity and profits
of the JV's investments.
Once he was attracted by the lure of 50% carried equity in a big budget deal, the lucrative consulting
deal lost most of its shine for Hunter. The lure of equity participation by family in large-scale projects
was exactly the same lure that CEFC had used with corrupt officials in Uganda and Chad, which later
became the subject of charges by SDNY against Patrick Ho of CEFC9.

Mid-May 15
Meanwhile, Chairman Ye was engaging in conspicuous real estate purchases in New York. In “May
2017”, he purchased grandiose apartment on Central Park West10:
In May 2017, a company linked to Mr. Ye spent $50.55 million to purchase the penthouse of former
Barclays Chief Executive Bob Diamond, according to people familiar with the transaction. Located at

NYT, Dec 12, 2018: Mr. Ye then met privately with Hunter Biden at a hotel in Miami in May 2017, according
to people with direct knowledge of the meetings who were not authorized to speak publicly because the
meetings were private. Mr. Ye proposed a partnership to invest in American infrastructure and energy deals,
the people said
15 Central Park West, the sprawling 5,278-square-foot apartment has four bedrooms, a 34-foot entry
gallery, a library and an eat-in kitchen. Mr. Diamond declined to comment via a spokesman.
Later in the year (October), Hunter boasted to Bobulinski that he [Hunter] had been the very first
visitor to Ye in this apartment and that Ye had cooked lunch for him.
In June, Ye acquired another grandiose apartment in New York11:
One month later, a company linked to Mr. Ye spent almost $33 million on a 4,028-square-foot
apartment on the 86th floor of 432 Park Avenue, according to the people familiar with the New York
deals. A limited liability company bought the unit from developers Macklowe Properties and CIM
Group. The unit was later listed as a rental seeking $80,000 a month, according to StreetEasy.
Department of Finance records tied to the sale of these two units show no financing on either deal.

May 13 to May 24 Incorporations

There is extensive documentation of exchanges in the next two weeks leading up to the finalization
of the incorporation documents on May 24. For reference, all exchanges published thus far (at least
that I’ve noticed) are reported here in full. Others will probably become available.

May 13
Gilliar sent an email to Bobulinski setting out proposed remuneration packages and equity
participation in the Newco.12 Hunter and Bobulinski would each receive $850,000 annually; Jim
Biden and Rob Walker $500,000. Equity in the Newco would be split 40% to the Bidens (of which
10% to the “big guy” (Joe), 20% each to Bobulinski, Gilliar and Rob Walker.
From: James Gilliar <james.gilliar>
Date: 5/13/2017, 5:48 AM [EDT?]
To: Tony Bobulinski <>
CC: Rob Walker <>, Hunter <>

As I had already alluded, we have discussed and agreed the following renumeration packages:
Chair / Vice Chair depending on agreement with CEFC ( Hunter ) 850
CEO ( Tony ) 850
James (EEIG) international consultancy agreement business development (Janes) 500,000
Rob 500
Jim Unknown
Sanan (Under EEIG agreement) 72,000

Hunter has some office expectations he will elaborate. James needs travel of 15,000 k a month
(180,000 PA).

AS for roles I will continue with the International development in Oman, France, Belgium,
Luxembourg act.

We have found a UAE bank they want, Azerbaijan and Colombia, bringing expertise in for
infrastructure programmes and relations with the big consultants for US

IN 2008 I had 80 bn of deliverable programmes under management in UAE


Personally, I have already spent a large amount on this and I’m not in for the weekly pay, but as we
have been shorted on the agreed package, I feel this is right and reasonable. I am happy to raise any
detail with Zang if there is shortfalls.

At the moment there s a provisional agreement that the equity will be distributed as follows
20 H
20 RW
20 JG
20 TB
10 Jim
10 held by H for the big guy ?
Any comments or disagreement lets table now ?
apologies for typos cant see shit

May 14
On May 14 at 23:39, citing “discussions this morning”, Gilliar emailed13 Bobulinski (cc Rob Walker,
Hunter Biden, Jim Biden) a 43-page business plan entitled “CEFC China Energy Investment Vehicle:
Phase I Countries Outline” under the letterhead of Gilliar’s own consulting operation (EEIG).
This proposal had a different focus than the Sinohawk proposal the
previous month. It provided a summary of prospective opportunities
in target countries of Oman, Colombia, Luxembourg, Romania and
France, grandiosely claiming to have applied the “strategies and
connections from the Tao”.
These are countries where we have already developed or are actively
developing or have developed the opportunities, applying the
strategies and connections from the Tao. In these countries, the
prestige has been established, there is an entry to market and an
established deal flow.

May 16
On May 16, Hunter responded acidly to Gilliar’s May 13 email (cc
Bobulinski, Walker) on Expectations which had set out proposed salaries and equity interests in the
Newco.14 Hunter said that he required a “hell of a lot more” than $850,000 annually to make ends
Final word on this (from me). I have been the only one asked to give up all other active commercial
interests- no consulting fees no promoting another business no con tinting to work on existing projects
etc. so I have to admit I do expect that if I can't keep my toe in other things I will need a hell of a lot
more than 850 p/y on a monthly basis. And this is my own personal problem but ill make it yours also
I'm sure (HA) -$2M to me means $1M before taxes the other half goes to her- 850 to me means 100K
to me - she has a 750 floor. That does not include all he debt I assumed and not one dime for the girls
(two Ivy league school living expenses and the most expensive highs cool in DC.
Bobulinski replied15 that the planned operations would require a “team of people”, who would also
require payment:
H - we should all discuss so you are covered but you also have to be conscious of the moving parts and
operating budgets and we have to pay a team of people who will be working 100 hours a week so we
generate enough profits so we are distributing $10s of MM out to the owners. I will be circulating the

Terms for Oneida later today. In that I have included an additional payment to you and I as sitting on
the board of SinoHawk. We can all discuss.

May 17
The few texts thus far available16 from May 17 among the group (now called the Oneida Holdings
Team) clearly pick up in the middle of a longer exchange. Hunter reminded the others that CEFC (Ye
and Zang) were “coming to be MY partner to be partners with the Bidens”. Bobulinski attempted
(unsuccessfully it seems) to remind Hunter that they still had budget and management obligations:
Hunter. And TONY that is what Zhang implied. They are both coming to be MY partner to be partners
with the Bidens. He has implied that the #1 has made that clear and available to him.
[Bobulinski[ And HUNTER I think u r missing the point I am outlining.
Gilliar. Think we are all on same page,

May 18
The next day, Hunter texted Bobulinski17 trying to settle down the dispute from the previous day.
Hunter reminded Bobulinski that “only one player holds the trump card and that's me. May not be
fair but it's instance only one player holds the trump card and that's me. May not be fair but it's the
Hey man sure it's a long day for you and feel a little disoriented from travel and negotiations and now
this but we really need to speak directly and not through James exclusively- he's best but he's human
and can't play all sides of the board all the time every time. So if you have a response to my last text let
me know asap. Last we spoke you had to take another call and would ring me right back. That was
around 3EST.
Hey my friend- if you called, I didn't see it. l apologize. And Tony please stop the "you’re making me
nervous" bull shit. Come on man we both want the same thing. We want to make certain we have as
much control over our own fates as possible. don't blame you for wanting that- it doesn't "make me
nervous" it is what it is. Just happens that in this instance only one player holds the trump card and
that's me. May not be fair but it's instance only one player holds the trump card and that's me. May not
be fair but it's the reality because I'm the only one putting an entire family legacy on the line/ and if you
think it's reasonable that I turn the keys over to someone that I've spent less than 12 hours with than
that makes me nervous.
So I'm asking you to do us all a favor and find a different way to alleviate your worries.
The same day, Bobulinski texted Gilliar separately18 in frustration at how they could possibly manage
cash and budgets in the proposed operation, given Hunter’s cash demands:
Tony. I don’t want to be getting a call from H[unter] demanding we distribute daily weekly nonsense
because he can’t manage his life. That’s his problem for sure. I don’t want an accounting nightmare.
And the JV is only distributing cash annually.
Gilliar. Tony, I ain't that stupid. know why the [] wants the deal and what makes it enormous, It's the
family name in reality they could have asked for 51 per cent, maybe u would not be interested but
many US moguls would have been.
Tony. Man, I get that. We just need a good rational[e].

May 19
The next day, there was another exchange between Hunter and Bobulinski,19 which began with an
attempt by Hunter to settle the dispute, but ended in rancor. Hunter said that he had reviewed
Bobulinski’s most recent proposal with his father (“my Chairman”) who had given “an emphatic NO”.
Hunter proposed that they meet in Romania on May 23 to settle the “impasse”:
Hunter. Hey TONY have an idea. In light of the fact we are at an impasse of sorts, and both James'
lawyers and my Chairman [Joe] gave an emphatic NO - I think we should all meet in Romania on
Tuesday next week. Zhang will be there and so will the completed agreement if they stick to schedule.
We all want you to be a part of this partnership and respect your position that you are risking your most
valuable asset/ TIME/ and that's more important than 20% equity no matter what Tom foolery the four
of us may be up to- you could be CEO for 8 days and quit and still have an equal share. But that's
besides the point I guess and maybe I'm exaggerating. The fact that you're even putting up with our
cautious schizophrenia -- one moment we're competing with Goldman Sachs and the next we're
spending hours on why I wasn't invited to a dinner party- must be maddening. You clearly see the path
to not just riches but real generational wealth. And I assume that's why you've endured this much brain
damage to begin with.
But we are where we are and what's app and overseas phone calls are not going to, bring us to a
solution. We all want the same same thing and from the outside __ this must look like a bunch reindeer
games. So! propose we meet in Romania on Tuesday [May 23] and hash this out.
Bobulinski thought that Hunter and others were misunderstanding the corporate structure, and, in
particular, the mechanism for a decision when he and Hunter disagreed. He jocularly suggested that,
in such a case, they could “arm wrestle, play bingo [or] have your Chairman [Joe] weigh in” or
something else that was “fair and neutral”:
Tony. H - with all do respect I think you are misrepresenting what James' lawyer said and it is
disheartening u would do such a thing, also am not sure which Chairman you are referencing but they
clearly don’t understand the agreement as it is written. Not sure why you have such concern with
things but I would chalk it up to you haven't sat down and gone through all the scenarios of the board,
James is willing to recuse himself from the vote to remove any perception that he could side with me,
so as the vote is defined if something was divided where u, Jim and Rob were on one side and I was on
the other side, would encourage u to think of a solution on how you would cure that situation.
Tony. we could arm wrestle for it, play bingo, have your Chairman weigh in or something else that is
fair and neutral to both sides
Hunter flew into a rage at Bobulinski’s jocular remark. Hunter, protesting too much, said that
“money doesn’t interest [him]” and that he had “no interest spending my days on a super yacht
measuring [his] dick”, though, in the light of all the documents, those two activities appear to have
been Hunter’s primary interest. Hunter reminded Bobulinski that he (Hunter) had broken the jaw of
the captain of his college lacrosse team for a snide remark and proposed to do the same to
Bobulinski. Bobulinski suggested that he try.
Hunter. Well Tony it may just be the time of night or one too many drinks but you're trying to be
funny is lost on me and probably most people who don't fall at the high end of the Aspergers spectrum.
I'II say it one final time. I don’t care how much money or how many soulless oligarchs you call friend.
Money doesn't interest me, winning is ephemeral and fleeting and I have no interest spending my days
on a super yacht measuring my dick with the people on the super yacht next to me. I care about one
thing. My family. And your demands make me uncomfortable and you're insults remind me of the shit
the captain of the lacrosse team said to me in college about my dad right before I broke his fucking jaw.
So you're choice Tony act like a child and take all your millions of marbles home and' throw them at
me from afar or sit down like men do and have a discussion face to face.

One request though stop the 5th grade group text insults - Jesus my daughters texts are more cogent
and mature.
Bobulinski. Keep at it H! That is exactly the point. I and all the partners around the table are trying to
protect u and your family! Way more than you even obviously understand, but do please come to
Monaco, i'II give you 3 cracks at trying to break mv jaw before I respond
Rob Walker. Please stop.
Bobulinski (in what appears to be a subsequent text exchange) warned Hunter that if his primary
worry was about his family, as he claimed, that he “wouldn’t be doing this”, because “all of your
dad's lawyers and any lawyer would advise you and Jim not to touch this with a 100 foot pole”:
Tony. and to add to it, if you are so worried , about your family, you wouldn't be doing , this because
as u said, all of your dad's lawyers and any lawyer would advise you and Jim not to touch this with a
100 foot pole v/ so if you are willing to take risk so be it, I am willing to stand by your side and take
risk as well but there has to be balance in governance and the board…
… Team - obviously we are all partners and working to take care of each other while also doing what
we believe is best for the business, I am trying to streamline and accommodate certain concerns while
preserving governance and things. I am adjusting the distribution language to read we will distribute
funds monthly and if any member wants to see funds distributed intra month they can make a request
and if cash is available will be…..
Later in the day, Bobulinski texted Rob Walker20 about how to deal with Hunter. Walker made
certain that Bobulinski realize that Hunter’s “my Chairman” was Joe himself.
Tony. Should I keep pressing?
Rob. No. When he said his chairman, he was talking about his dad and I think your dismissal of it
maybe offended him a bit, but you didn’t know what he was talking about. Let’s let it go til the
morning if we can.
Tony. Of course, but if his dad really read the agreement, he would support it in a …

May 20
The next day, Gilliar and Bobulinski texted privately21 about the Hunter situation and how they could
make Hunter feel important. Gilliar warned Bobulinski not to “mention Joe being involved” except
when they are face to face, since the Bidens were “paranoid”. Gilliar told Bobulinski to stress to
Hunter that “things need to be done right” so that Hunter doesn’t become the “reason or factor that
blows up his dad’s campaign”.
[Tony]: …. in New York, behind schemes, u suggest he will feel important
[Gilliar]. Ask if they have recommendation, or I would do it short term if needed. But maybe he feels
better if H puts there a friend, with no power but reporting coma…coms Don't mention Joe being
involved, it's only when u are face to face, I know u know that but they are paranoid.
[Tony] OK they should be paranoid about things.”22
[Gilliar] “For real
[Tony] You need to stress to H, does he want to be the reason or factor that blows up his dad’s
campaign, things need to be done right and protective of that fact. I pinged H, and just said I saw he
called last night when [sic] does he want to connect.23

Their concern about Joe’s campaign indicates that Joe’s prospective campaign for the presidency
was already in play on May 20, 2017 – only three days after announcement of the Mueller

May 21
The next day (May 21), there were more frustrated texts about Hunter between Gilliar and
[Gilliar]: I was extremely fucking angry with him this morning and told him to stop hiding behind me.
[Tony]: Calling u in a few. Imagine me stepping out of a show to call him and Jim and u r telling me
he blatantly lied to all of us as partners. He i[s] bipolar and manic.
May 22
On May 19 (Friday), Hunter had proposed that the group meet in Romania on May 23 (Tuesday) to
settle matters. On August 3, Bobulinski referred to prior meetings with CEFC in Romania and
Moscow. On May 22 and May 23, incorporation documents were signed – perhaps in Romania at
the proposed meeting. Two incorporation documents were signed: Oneida Holdings LLC and
Sinohawk LLC.
Oneida Holdings LLC was almost certainly the implementation of the equity agreement proposed by
Gilliar on May 13. Its parties were GK Temujin LLC25 (Hunter), Sino Atlantic Solutions LLC (Jim),
Robinson Walker LLC (Rob Walker), 8 International Holdings Limited (BVI) (Gilliar) and Global
Investment Ventures LLC (Bobulinski). Each party had 20%. Both GK Temujin and Sino Atlantic
were also incorporated on May 22.
These equity interests are identical to that set out on May 13 by Gilliar, with the exception that
Jim Biden’s displayed interest was 20% (rather than 10%), presumably due to Jim, rather than
Hunter, holding the “10% for the big guy”.
May 23
On May 23, a CEFC vehicle (Hudson West IV) and the newly incorporated Oneida Holdings LLC
executed a limited liability company agreement to form Sinohawk Holdings LLC, with each party
holding 50% of the shares. The stated capital for the company was $10 million, with the share
of each company being $5 million. Signatory for Hudson West IV was Gongwen Dong and for
Oneida Holdings was Bobulinski.26 CEFC appears to have undertaken to finance the Oneida $5
million capital contribution as an interest-free loan. However, CEFC failed to provide either its
own capital contribution or the loan for the Oneida contribution. The story of this failure was
only revealed recently. In his Aug 1 letter to CEFC,27 Bobulinski cited this agreement.

After the window into events in late May, there is relatively little information on the project from

Hunter’s reddit handle was Temujin01, also found in a sex chat room on his laptop: ; . Hunter’s webcam site name was
Temujin01: . Also CAMS.
June 1 Letter
On June 1, Hunter wrote Chairman Ye to remind him of their ongoing work on projects in Oman and
Romania, both of which had been prominent target countries in the earlier business proposal28
Chairman Ye Jianming
CEFC China Energy Company Ltd. 111 Xingguo Road,
Xuhui District,
Peoples Republic of China 200031

Dear Chairman Ye.

I write hoping that my letter finds you well: it was my great disappointment to have missed you on you
on your last visit to the United States but please accept the best wishes from my family and I, and our
partners @ SinoHawk. We are all hoping to see you here again soon or in Shanghai. Please let me
know how we can arrange getting together.

As you know since our last meeting, we have concluded the establishment of SinoHawk holdings and I
look forward to introducing you to my dear friend Mr. Tony Bobulinski. He is a partner and we have
empowered him as the acting CEO. Tony is not only a close friend of the family, but has a proven track
record in the U. S business sector as well as around the world that will help drive much success for
Sinohawk. He will be a great asset and partner as we move our exciting venture forwards.
I hope that you are very happy with the progresses that has been made in Oman. this in my opinion
cements our common belief, that by combining our connects and skills, we will create new
opportunities in third geographies and economies. as well as the benefits for our two great countries.
We would like to bring those deals to closure and as per our discussions SinoHawk will be
compensated with consulting fees and residual fees. Tony Bobulinski is reviewing things to help define
what those deals should look like for each transaction.
Within the next week, Tony and team will have a term sheet defined for the project we discussed in
Romania. It is time sensitive and we would like to progress that to closure quickly. We believe that is a
very unique opportunity to showcase the CEFC brand in a country and help drive progress. The needed
equity there is $300-500 Million USD and can all be done by CEFC or parts of it and SinoHawk will
raise the rest of the capital to complement CEFC capital. I am sure you are well briefed by our dear
friend director Zang, on the introductions and support that we are undertaking and top relationships we
have with the leaders both politically and economically in countries you are interested in expanding
into in the coming months and years.
I look forward to our next meeting as always.
Kindest Regards, R. Hunter Biden
June 8 Letter
On June 8, Jim Biden requested a personal favor from Bobulinski (via Gilliar)29 – help finding a job for
Jim’s daughter, Caroline Biden, in Los Angeles/
Caroline, then 33, had been arrested twice over the previous four years.30 She was arrested in 2013
for a fight she had with a former roommate over a rent dispute31. In 2014, she was sentenced to two
years’ probation by a Manhattan judge for using a friend’s credit card to buy over $100,000 in


products from an upscale department store32. (Subsequently, in 2020, she was arrested for driving
under the influence and without a license in a Philadelphia suburb.33
Jim wrote as follows:
From: Jim Biden <
Date: 8 June 2017 at 00:15:07 GMT+2
To: james Gilliar <
Subject: Caroline job opportunities in LA.

If you could also pass along to Tony that Caroline is very friendly with Ryan McKillen (who was head
engineer for Uber?). I understand that Ryan is no longer with Uber, but Caroline and he became friends
and neighbors in NYC. Caroline is very, very well- connected in social circles but so far has little
ability to put personal relationships into business transactions. She is very attractive and incredibly
bright, charismatic and creative. For the last 5 years she goes from one peak income (from selling art or
real estate) to another with troughs in between, but is now ready to engage in a steady creative business
atmosphere. She wants to do it on her own. She would do very well in any sales, and creative

She is fabulous with high profile people and is a great public speaker but is also very engaging with
intellectuals and creative sorts. The problem Caroline has had is that most of her friends are
independently wealthy and she has not had a steady work environment that was challenging and
engaging. Anything you can do in the immediate to help Caroline secure a job where she can earn a
livable self- supporting income with the possibility of upward advancement would be greatly
Caroline has had some ups and downs in her personal and professional life, but is now ready to take
personal responsibility and prove herself. As her uncle Joe would say, she has the most raw talent of
any of us. She's just looking for the right opportunity to start.
Thank you for any help and assistance you can provide. Right now, she is staying with a friend in the
Pacific Palisades. Attaching her resume again for your reference. She is prepared to take
interviews/meetings immediately.
June 14: CEFC in Moscow
In June 2017, CEFC began negotiations with Rosneft on a deal that soon vastly overshadowed CEFC’s
project with Sinohawk and the Bidens.
On June 14, CEFC chairman Ye visited Rosneft CEO Igor Sechin in Moscow.34 (Sechin would later pay
CEFC a return visit on Aug 2.) The reported outcome of the visit was generalized good wishes about
Ye Jianming and Rosneft CEO Igor Sechin visited each other’s headquarters in June and August 2017.
According to the CEFC website’s news release, the talks at Rosneft HQ in Moscow on June 14
produced consensus on establishing a joint platform to launch cooperation on upstream and
downstream oil and gas projects, and comprehensive cooperation in the financial domain.
While there is no direct mention of director Zang in contemporary news reports, it seems likely that
he would have accompanied Ye to Moscow. This suggests that the meeting between Bobulinski and
director Zang in Moscow, which was cited in Bobulinski’s August 3 letter, was also plausibly on or
about June 1435. Regardless of when Bobulinski and Zang met in Moscow, Bobulinski seems to have

the meeting in Moscow appears to have preceded the establishment of the Sinohawk bank account with
Chase Manhattan, which, according to Aug 1 letter, was in place in late June. the meeting in Moscow appears
to have preceded the establishment of the Sinohawk bank account with Chase Manhattan, which, according to
been completely unaware of CEFC’s later ambitious deal with Rosneft until public rumors began later
in the summer.36

June 17 Letter
Hunter is reported37 to have sent (a still unpublished) email to Ye on June 17, “hoping to see [Ye]
here again soon”:
Hunter Biden followed up with his own email to Ye, touting the "political and economic connections
we have established in countries where you are interested in expanding in the coming months and
years." "Please accept the best wishes from the entire Biden family as well as my partners," Hunter
Biden wrote on June 17, 2017. "We are all hoping to see you here again soon, or in Shanghai."
Later, Hunter talked about being Ye’s first visitor in the opulent New York apartment that he
acquired in May 2017. Hunter’s June 17 letter appears to be a follow-up letter to his visit to Ye’s
apartment on or about June 17.

June 30
On June 30, Hunter and Eric Schwerin re-did their loan agreement under which officers of BHR
Harvest loaned them money to pay for their equity interest in BHR Harvest38. This is a different deal
than CEFC and is mentioned only for context.

July 3: Chairman Xi Jinping state visit to Moscow
On July 3, Chairman Xi Jinping visited Moscow on a state visit.39

July 10
On July 10, Ye sent letter to Hunter,40 perhaps in response to Hunter’s June 17 letter, stating that he
had arranged with Zang and Dong to expedite capital contribution to Sinohawk and that he was
following developments in Oman and Romania:
July 10th, 2017
R. Hunter. Biden
Washington, DC

Dear Mr. R. Hunter Biden,

I am glad to hear from you! Time flies and it has been months since we met in the US. It seems that we
were always on a rush when we were together.

Thanks to your support to our cooperation, the consensus we made last time has been materialized in a
timely manner. I am grateful that you introduce Mr. Bobulinski to our partnership. I have a great
impression on him through your letter and he also sent me a letter to brief on the situation. I believe he
will bring significant impetus to our cooperation with his abundant experience and outstanding

Our cooperation in Oman and Romania has been productive and I am aware of the status quo. You
could arrange your people to coordinate with Director Zang and Gongwen Dong for specific work and
I will continue to pay attention and give my support. I have arranged Director Zang and Gongwen
Dong to expedite the charter capital input to SinoHawk.

Aug 1 letter, was in place in late June. “We have been told both in letters from the Chairman addressed to
both Hunter Biden and me, and through face-to -face meetings with Director Zang in Moscow and Romania
that the wire would be sent immediately when the banks accounts were setup to receive the wire.”
He later stated that he learned of the planned CEFC acquisition of a substantial interest in Rosneft only later
in the summer (when news was publicly available.)
I look forward to meeting you in the near future and discussing our joint undertaking. If there is
anything, I could do please do not hesitate to write to me. Please accept my best regards to you and
your family.

Yours faithfully,
Ye Jianming
July 26
Despite Chairman Ye’s encouraging letter of July 10, two weeks later, the capital contributions had
still not arrived. On July 26, CEFC sent an email to Bobulinski41 raising (late in the day) a variety of
issues with proposed Sinohawk deal that they had signed on May 24. This letter must have been
extremely annoying and frustrating for Bobulinski (but matters would soon get much worse).
Subject: Latest update from DZ
From: 63548 <
Date: 7/26/2017, 11:49 AM
To: Tony Bobulinski < CC: <

Hi Tony, just talked to DZ [director Zang] and he would like to send the following points to you:

1. Chairman Ye and Director Zang fully support the framework of establishing the JV, based on their
trust on BD [Biden] family

2. The delay of wire is caused by the details on the JV building, as follows:

1) the positioning and strategy of the JV are not made fully clear to CEFC
2) 5 million is lent to BD family in the 10 million charter capital. How will this 5 million be used (or
the 10 million as a whole)? This 5 million loan to BD family is interest-free. But if the 5 Mis used up,
should CEFC keep lending more to the family? If CEFC lends more, they need to know the interest rate
for the subsequent loan(s).
3) In terms of the projects to be done by the JV, what kind of projects to do? Plus we do not have a
review `and approval mechanism for projects screening and selection yet.

Because of the reasons above, the risk management department of CEFC is showing concerns on the
operation of SinoHawk, hence the delay of the wire.

August 1-4
In the first four days of August, the proposed deal took a dramatic turn, none of which was known to
Bobulinski until the publication of the Senate Finance Report in Sept 2020.

Bobulinski responded in detail42 to the prevaricating CEFC letter of Jul 26 with a detailed and formal
letter dated Aug 1, sent by email on Aug 3.
Bobulinski first observed that the JV agreement had been signed and executed two months earlier
on May 24 and that reassurance of the forthcoming capital contribution had been given both in
writing from Chairman Ye and in face-to-face meetings (in Romania and Moscow) by Director Zang.
As to the supposed issues of the purpose of the JV, Bobulinski pointed to section 1.2 of the JV
agreement which stated that the purpose of the JV was to provide “consulting services for Hudson
and/or its Affiliates”, including “sourcing investment opportunities, relationship management,
business development, operational support”. He also attached the April 10, 2017 High Level
Strategy Summary (see discussion above) which he said had been discussed at length with Ye and
Zang. He also referred to existing initiatives under a “former consultancy /support agreement”

(about which little is known at present.) At this time, there is no information on CEFC’s response to
Bobulinski’s letter, if any.
Meanwhile, CEFC chairman was undoubtedly preoccupied with the visit to CEFC headquarters by
Rosneft chairman Sechin43, reciprocating the prior visit of CEFC chairman Ye to Moscow in June. The
two sides reportedly44 “signed a strategic cooperation framework agreement: CEFC and Rosneft
would establish long-term effective mechanisms in areas including upstream and downstream oil
and gas and assets exchanges, and financial services, and advance Sino-Russian trade and
investment cooperation in energy, finance, infrastructure and other domains.”

On August 2, concurrent with Sechin’s visit to CEFC, Hunter (unbeknownst to Bobulinski) had a
separate discussion with Dong (and Tang), following which he sent an email45, describing his
understanding of the evolution of the deal. Hunter stated that the “original agreement with the
Director [Zang]” had been to pay $10 million per year for three years for “introductions alone”, but
that Chairman Ye had described a “MUCH MORE LASTING AND LUCRATIVE ARRANGEMENT” in
Miami (in early May), in which there would be a holding company owned 50% by Chairman Ye and
50% by Hunter, under which the Bidens would have direct participation in the investments, not
merely the consulting. This supposed arrangement was illustrated in a diagram by Hunter dated
August 1.46 Hunter asked that CEFC confirm that the Bidens would be getting a 50% carried interest
in CEFC project investments or otherwise return to original $10 million per year guaranteed for three
To: Gongwen Dong CC: Mervyn Tang
My Understanding is that the original agreement with the Director
was for consulting fees based on introductions alone a rate of
$10M per year for a three year guarantee total of $30M. The
chairman changed that deal after we met in MIAMI TO A MUCH
create a holding company 50% percent owned by ME and 50%
owned by him. Consulting fees is one piece of our income stream
but the reason this proposal by the chairman was so much more
interesting to me and my family is that we would also be partners
inn the equity and profits of the JV's investments. Hence assumed
the reason for our discussion today in which you made clear that
the Chairman would first get his investment capital returned in the
profits would then be split 50/50, If you saying that is not the case
then please return us to the original deal 10M per year a
guaranteed 3 years plus bonus payments for any successful deal we introduce. let's discuss thank you
The lure of this deal – an equity interest given to family – is more or less identical to lures offered by
CEFC’s Patrick Ho to politicians in Uganda and Chad, for which Ho was charged and convicted by
CEFC appears to have promptly proceeded with the arrangement discussed between Hunter and
CEFC’s Dong and Tang, and to have terminated all communications with Bobulinski and Sinohawk.

Bidens Given Share in Hudson West III
The following information is mostly drawn from the Senate Finance Report on Hunter Biden(76ff).
One of the numerous CEFC Hudson West vehicles (Hudson West III47) was re-structured on or about
August 3, 2017 with ownership equally divided between Owasco PC (Hunter’s law firm) and
Coldharbour Capital LCC (owned by CEFC’s Mervyn Tan and Tian Zhang, at same business address as
Gongwen Dong.) This precisely implemented Hunter’s August 1 diagram. On August 3, a bank
account was set up for Hudson West III; Hunter and Tan were signatories.
On August 4, CEFC Infrastructure (US) LLC sent $100,000 to Owasco.
On August 8, 2017, CEFC Infrastructure Investment wired $5 million to Hudson West III. The Senate
Committee speculated that the funds that “may have originated from a loan issued from the account
of a company called Northern International Capital Holdings, a Hong Kong-based investment
company identified at one time as a "substantial shareholder" in CEFC International Limited along
with Ye”. The $5 million sent to Hudson West III, the bank account of which was controlled by
Hunter, superseded the promised capital contribution to Sinohawk. Neither Hunter nor Jim Biden
nor CEFC ever told Bobulinski or their other partners about their side deal with CEFC.
According to the Senate Report, Hunter immediately began appropriating the entire CEFC capital
contribution of $5 million to Hudson West III as “consulting fees”, completing the looting of Hudson
West III in September 2018.
“Starting on Aug. 8, the same day the $5 million was received, and continuing through Sept. 25, 2018,
Hudson West III sent frequent payments to Owasco, Hunter Biden's firm. These payments, which were
described as consulting fees, reached $4,790,375.25 in just over a year.”48
The Senate Report observed that $1.4 million of the funds sent to Owasco were passed on to Jim
During the same period, there is also evidence that Hunter Biden moved large sums of money from his
firm, Owasco, to James Biden's consulting firm, the Lion Hall Group. 389 Between Aug. 14, 2017 and
Aug. 3, 2018, Owasco sent 20 wires totaling $1,398,999 to the Lion Hall Group, a consulting firm that
lists James Biden and his wife, Sara Biden, on the bank account. 390 This transaction was identified for
potential criminal financial activity. These transfers began less than one week after CEFC
Infrastructure Investment wired $5 million to Hudson West III and Hudson West III sent its first
payment of $400,000 to Owasco. 391 Most of the payments from Owasco to the Lion Hall Group had
vague notes in the memo lines, 15 of which simply indicated that they were for further credit to James
Biden; however, the memo line for one of the payments read "HW3," which indicates some of the
transferred money could be from Hudson West III. 392 When the bank contacted Sara Biden regarding
the overall wire activity, she stated that the Lion Hall Group and Owasco provide international and
business consulting and that the Lion Hall Group was assisting Owasco with an international client
through a contract that had since terminated. 393 Sara Biden told the bank that she would not provide
any supporting documentation, and she also refused to provide additional information to more clearly
explain the activity. 394 Consequently, the bank submitted the account for closure. 395 The
Committees created the following chart with respect to this transaction.
The Senate Committee also reported a complex web of other transactions involving Hudson West III
and other CEFC shell companies, the purpose of which was unknown to them:
Around the same time, there were also outgoing wires from Hudson West III to various accounts
associated with Ye and Gongwen, including CEFC Infrastructure Investment, Coldharbour Capital
(located at Gongwen Dong's address), Gongwen's personal bank account, a separate bank account for
Hudson West V, and Bo Jian Group Investment Company (a company with a complex ownership
structure controlled by Ye in which Gongwen Dong is also reportedly a part owner).398 These
transactions and the transacting entities begin to paint a mosaic of the complex corporate structure that

Hudson West III had been set up on April 19, 2016, presumably as a shell
Senate Finance Report, 78ff
existed between entities linked to Hunter Biden and his associates and family and Chinese companies
linked to the Communist government.
On Sep 9, 2017, Hudson West III opened a line of credit which was used to authorize $100,000 of
credit card spending by Hunter Biden, James Biden, and James Biden’s wife, Sara Biden. They
immediately went on a spending spree, apparently dissipating the $100,000 in a week-end.49
Elsewhere, CEFC, trying to impress US academics and think tanks, dumped $500,000 into the
Columbia University Energy Program50.

The CEFC-Rosneft Deal

The first rumors of CEFC acquiring a stake in Rosneft began to circulate on or about August 17.51
Reuters did not know whether “the Chinese group would buy new shares or existing stock in the
parent company”. This appears to be the approximate time when Bobulinski concluded that CEFC
had lost interest in their transaction because of pressing issues with Rosneft deal (as he was
unaware of Hunter’s side deal).

Sep 8 Announcement
On Sep 8, 2017, CEFC announced that it would acquire a 14.16% share in Rosneft from Glencore and
the Qatar Investment Authority, out of the 19.5% interest that they had acquired in Dec 2016. CEFC
stated that it had received “preliminary approval from the National Development and Reform
Commission, China's chief economic planning body.”
CEFC was ultimately unable to obtain financing to complete the transaction and, in 2018, would

October 1
On October 1, Jim Biden sent a troubled email to Hunter:52
October 1, 2017 at 10:48 AM
You need to call me now. Just got off the phone with your father. He is meeting with the O!! Some
outrageous acquisitions! We have the two biggest days of our business life in front of us!!!!!!
You/me we have to deal with this now!!! They (Joe) have the Buccini's being called by your landlord.
It gets much more outrageous!! You have to let me in to help! I'm with you 100%, trust me, you need
me in on this!! We/ you have to much to loose, we must be smart, or everything goes up in smoke!
Please call me. You MUST remain calm. Timing could not be worse. Calm and measured!!! paybacks
can come later.
U Jim
At the time, Joe Biden and Obama (who is presumably “the O” in the email) were together in
Toronto at the Invictus Games, promoted by Prince Harry.53 The opportunities and crisis of the day
are thus far unexplained.

Senate Finance Report, 78.
Oct 14 Rancor between Hunter and Bobulinski
By mid-October, Bobulinski had become frustrated with the lack of response from CEFC and
increasingly suspicious of Hunter, as evidenced by more texts between Hunter and Bobulinski54.
Bobulinski tried to winkle information out of Hunter on whether he had gone “down a different
path” or “reach[ed] out” to Ye and Zang “creat[ing] parallel noise”.
Tony. Trying to manage all the moving parts @ CEFC, hoping u didn't go down a different path as lots
of noise in the channel. Director Zang had his visa denied 3x and his kids and wife's Visas denied 3x
Hunter. I know. Zhang continues to have his Visa issues handled by that lawyer in VA. We are out of
it per the instructions of the Chairman last time I saw him. What's the word on all the deals you were
negotiating? Wow they are taking a long time? Oman? Luxembourg? Russia? I've simply stayed out of
that Russian mess. And I just assumed that you're plugging away.
Tony. When was last time u saw the chairman? Zang create a mess w that rosneft deal. Pics of him w
Putin all over the place.
Hunter. Well, that’s actually good for us. Chinese bailing out feckless Putin. Ze sticking it to him
through the pictures along with Xe. Their saying just another business partner now. Here hang this on
your wall.
Tony. So u 1000% didnt reach out to Chairman Ye or Director Zang and create parallel noise? didn't
thin[k] so but just trying to manage chaos. I am just trying to manage chaos.
Hunter told Bobulinski (for the first time) that he had been talking to Ye “on a regular basis”, had
been “his first guest in his new apartment” and had been helping Ye on his “personal issues”. Also
that he was Ye’s “personal counsel” as they had “signed an attorney-client engagement letter”.
Hunter. No, I’ve been talking to the Chairman on a regular basis. I was his first guest in his new
apartment’ he cooked me lunch himself and we ate in the kitchen together. He has me helping him on a
number of his personal issues (staff visas and some more sensitive things) but I was told to not engage
with Zhang by you, James and the Chairman.
Hunter. He and I discussed the Rosneft deal and he is pissed off but only by the execution which I
guess was Zhang’s fault. Anyway he and I are solid so when and if you or James feel like I’m capable
of telling him bout your Oman or Luxembourg or the Russian guys deal, just let me know. We have a
standing once a week call as I am also his personal counsel (we signed an attorney client engagement
letter) in the US.
Bobulinski was nonplussed by Hunter entering into an attorney-client agreement with Ye (especially
without informing his associates in the Sinohawk proposal) and further nonplussed that Hunter
didn’t seem to have demanded or requested that CEFC fulfil their capital contribution commitment
of $10 million:
Tony. Well he has not funded the $10 MM so am sure or would be surprised if u have discussed that?
When did u sign a US attorney client engagement letter? I never said anything about engaging with
Zang so not sure what ur referencing
Hunter. US attorney??? What do you mean? I’m his lawyer in the US. Never talked to him about your
deals. I said “I haven’t” engaged with Zang in months. I only talk to Chairman and in person. I
assumed you lost interest as we haven’t spoken for so long. Are any of the deals that you said were
Tony. About "my deals", they apparently are our deals not my deals. HB – not much for games, they
were supposed to fund 10 MM USD, which they never did, and am assuming you know that. I lost
interest? Really? They were supposed to fund 10 MM USD into Sinohawk accounts. U know that, so
not much for games!!

It seems likely that the Attorney Engagement Letter referred to in these texts of Oct 14 was the Sep
18, 2017 Attorney Engagement Letter between Hunter and Patrick Ho, the Deputy Chairman and
Secretary General of the China Energy Fund Committee (an NGO sponsored by CEFC)55, but it is also
possible that there is a second engagement for Ye personally. Hunter received a retainer of $1
million for legal services. Ho was arrested and charged with corruption about 30 days later. Hunter
does not appear to have been active in or involved in Ho’s legal defense.
The Demise of CEFC
Arrest of Patrick Ho
On Nov 20, Patrick Ho was arrested56 on charges of corrupt payments to politicians in Chad and
Uganda. Edward Kim and Paul Krieger of Krieger Kim and Lewin appeared as Ho’s attorneys on Nov
20. Benjamin Rosenberg of Dechert LLP appears to have assumed primary responsibility for the
defense in 2018. Ho was eventually convicted t trial in Nov 2018. In early 2018, a court filing stated
that there had been FISA surveillance on Ho57.
In the Uganda case, CEFC had lured the foreign official with promises to “’partner’ with the families
of the foreign officials – a form of offer not evidently distinguishable from CEFC’s transaction with
the Bidens,

The payment to the Ugandan official ($500,000) was much less than the $5 million known to have
been paid by CEFC to the Bidens.

March 2018: Arrest of Chairman Ye

On March 1, 2018, it was reported58 that Chairman Ye had been detained by Chinese authorities for
economic crimes. Since then, there do not appear to have been any sightings of Ye. In March 2018,
Shanghai Guosheng Group, a portfolio and investment agency controlled by the Government of
Shanghai, took control of CEFC.59
As CEFC disintegrated in March 2018, Jiaqi Bao, a CEFC employee, told Hunter to grab whatever CEFC
money he could get his hands on (“Keep as much money as you can”) as the collapse was total.

May 11, 2018: Hunter’s Audiotape
Hunter made a meandering audiotape on May 11, 2018 complaining that he is being called by New
York Times and SDNY attorney about Patrick Ho case:
I get calls from my father to tell me that The New York Times is calling but my old partner Eric, who
literally has done me harm for I don’t know how long, is the one taking the calls because my father will
not stop sending the calls to Eric. I have another New York Times reporter calling about my
representation of Patrick Ho – the fucking spy chief of China who started the company that my partner,
who is worth $323 billion, founded and is now missing. The richest man in the world [presumably Ye]
is missing who was my partner. He was missing since I last saw him in his $58 million apartment and
signed a $4 billion deal to build the fucking largest fucking LNG port in the world. And I am receiving
calls from the Southern District of New York from the U.S. Attorney himself. My best friend in
business Devon has named me as a witness without telling me in a criminal case and my father without
telling me.

In September 2020, the Senate Judiciary Committee published a report on Hunter Biden’s activities
which contained the first information on payments to the Bidens via Hudson West III. This was the
first date on which Bobulinski learned that CEFC had paid $5 million to the Bidens without either
CEFC or the Bidens telling Bobulinski or the other partners in the Sinohawk proposal.

Stephen McIntyre
Oct 31, 2020